Importing/Exporting Materials

I have a series of models in LWO and 3DS formats, but all of the import/export scripts i’ve come across only import geometry.

I could retexture in Blender, but these are very detailed models, and it’d take forever…

Is there any way to import materials into Blender? Or am I out of luck?

The Producer

The only way I could think of is baking your textures and exporting them as bitmaps.